Bausch Health announces extension of Durect tender offer

Bausch Health Companies (BHC) and DURECT Corporation (DRRX) announced that BHC Lyon Merger Sub, a wholly owned subsidiary of Bausch Health Americas, and an indirect subsidiary of Bausch Health Companies, has extended the expiration date of its tender offer to acquire all of the outstanding shares of common stock of DURECT Corporation for $1.75 per share in an all-cash transaction for an upfront consideration of approximately $63M at closing, with the potential for two additional net sales milestone payments of up to $350M in the aggregate if the milestones are achieved before the earlier of the 10 year anniversary of the first commercial sale of larsucosterol in the United States and December 31, 2045. The Offer, which was previously scheduled to expire at 5:00 p.m., New York City time, on September 9, 2025, has been extended until 5:00 p.m., New York City time, on September 10, 2025. Holders that have previously tendered their shares do not need to re-tender their shares or take any other action in response to this extension.